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Natural Gas Equivalent News

09 Jul 2016

Fire at Prelude LNG Construction Site in South Korea

Happier Times: In May 2013 the price per barrel of oil was more than $100 and Shell ha laid the keel for 'Prelude FLNG', the world’s first floating liquefied natural gas (FLNG) project. (Courtesy of  Royal Dutch Shell)

Shell said a small fire occurred at the construction site in South Korea for its huge floating Prelude liquefied natural gas (LNG) project, with work resuming immediately and an investigation underway. The incident would not have an impact on the delivery schedule, according to a source in South Korea. Shell has declined to reveal the timetable or the budget for Prelude, based on a giant processing vessel being built in Samsung Heavy Industries' Geoje shipyard that will be towed to a gas field off the west Australia coast.

15 Jan 2016

Petrobras Average Daily O&G Output Rose 4.3% in 2015

Oil and natural gas output at Petróleo Brasileiro SA rose 4.3 percent last year, the second annual increase after two years of declines, as long-delayed offshore production systems came on line.   Petrobras, as the company is known, produced an average 2.79 million barrels of oil and natural gas equivalent a day (boepd) in Brazil and abroad in the 12 months ending Dec. 30, compared with 2.67 million boepd a year earlier, according to data on its website.   December output fell 0.4 percent from a year earlier to 2.85 million boepd. December output was 5.2 percent higher than in November, a month affected by the worst strike at the Rio de Janeiro-based company in 20 years.     (Reporting by Jeb Blount)

15 Jun 2015

Petrobras Stops Platform Output After Gas Leak

Brazil state-run oil company Petroleo Brasileiro SA stopped production on Sunday from its P-40 platform in the offshore Marlim Sul field after a gas leak on the vessel, an oil workers' union said on its website on Monday, citing worker reports. The P-40, a semi-submersible production platform, was producing about 45,915 barrels (7,300 cubic meters) of oil and 800,000 cubic meters of natural gas a day when it was shut down, the union said. The P-40 is at the hub of a network of five platforms in Marlim Sul and at the center of oil and gas pipelines that interlink undersea natural gas pipelines into a single export line to the coast. It is also interlinked to a pipeline system that exports oil from the neighboring Marlim field.

28 Jul 2014

Prelude By the Numbers

Prelude will consume more than 260,000 tons of steel, more than 5 times the steel used on the iconic Sydney Harbour Bridge and 3 times the steel used on the Golden Gate Bridge.

Out at sea, look! It’s a ship! It’s a floating rig! It’s SuperFLNG! While not “faster than a speeding bullet,” Shell’s shipzilla Prelude is certainly more powerful than a speeding locomotive, and will be able to leapfrog in size, many of the world’s tallest buildings. By any definition, the super-size Prelude floating liquid natural gas (FLNG) vessel is gargantuan. And yet it is designed to cram everything you’ll find in a full-size, shore-based processing plant into roughly a quarter of the space.

12 May 2000

Kerr-McGee Transformation Attracts Little Notice

Kerr-McGee Corp.'s chief executive Luke Corbett has been on a spending spree in recent years, building his company's oil and chemicals businesses, but the top executive has yet to catch the attention of Wall Street. "We've essentially transformed our company, particularly over the last two and half or three years," said Corbett, who is also chairman of the Oklahoma City-based energy and chemicals firm. Still, its transformation has attracted little notice from investors, even in spite of several industry analysts haven given Kerr-McGee glowing recommendations. Since hitting a high of about $67 in mid-January, shares of the company have fallen about 20 percent. The drop comes even as the company has posted first-quarter profits that rose more than twenty-fold from a year earlier.

15 Oct 2007

Taylor Named to Forbes List

Phyllis Taylor, wife of the late Taylor Energy founder Patrick Taylor, is No. 297 on the Forbe’s Magazine’s list of 400 wealthiest Americans. She is the only Louisiana resident to make the list, which included Americans with a minimum net worth of $1.3 billion. Taylor, 66, is now owner of New Orleans-based Taylor Energy and carries a net worth of $1.6 billion, according to the magazine. Taylor Energy is the largest privately held oil and gas company operating in the Gulf of Mexico, producing 6.5 million barrels of oil and natural gas equivalent each year.

10 Oct 2007

Suez to Build LNG Terminal in Chile

Utility Suez (NYSE:SZEZY) said its energy division, in conjunction with copper producer Codelco, is to construct a liquefied natural gas (LNG) regasification terminal in Mejillones, in the region of Antofagasta, Northern Chile. The group said investment in the project, to be owned by newly created company GNL Mejillones SA -- 50 per cent owned by each of Suez and Codelco -- will amount to $500m. In a first phase between 2009-2012, the project will see the construction of a jetty and an on-shore LNG regasification terminal with a send-out capacity of 5.5 mln cubic metres of gas, sufficient to produce 1,100 megawatts (MW) of electricity. An LNG vessel, with a storage capacity of approximately 135,000 cubic metres, will be permanently moored and serve as a floating storage.

08 Nov 2007

W&T Offshore Reports 3Q Results

W&T Offshore, Inc. (NYSE: WTI) announced its financial and operational results recently. Net income for the third quarter of 2007 was $36.3m, or $0.48 per diluted share, on revenue of $255.2m, compared to net income for the same quarter in 2006 of $66.7m, or $0.91 per diluted share. Net income for the third quarter of 2007 reflects the impact of a $6.4m unrealized derivative loss ($4.2m after-tax), or $0.05 per diluted share, while net income for the third quarter of 2006 included an unrealized derivative gain of $22.7m. Without the effect of these unrealized derivative gains and losses, net income for the third quarter of 2007 would have been $40.5m, or $0.53 per diluted share, and net income for the corresponding quarter of 2006 would have been $51.9m, or $0.71 per diluted share.

18 Apr 2006

Pogo to Buy Latigo Petroleum for $750M

Pogo Producing Co. has entered into definitive agreement to acquire privately-held Latigo Petroleum, Inc. for $750m in cash, Trading Markets reported. The Houston, Texas-based company said the acquisition of Latigo and its assets in the Permian Basin and Texas Panhandle will increase Pogo's total proven oil and gas reserves by 13%, from 2,042 billion cubic feet of natural gas equivalent, or bcfe, to 2,317 bcfe. The company said it would finance the acquisition of Latigo, which was formed by private-equity firms Warburg Pincus LLC and JPMorgan Partners, with cash on hand, capacity under its existing revolving credit facility and opportunistic capital market transactions. The acquisition, which is subject to customary regulatory approvals, is expected to close during May of 2008.